REC Limited I 3tTrllJT f(rlfll~s

amlm
-C I (1IffiI "WfiliR <fil iOUlI) / (A Government of India Enterprise)
Regd. Office : Core-4 , SCOPE Complex, 7, l odhi Road, New Delhi - 110003
RE
)fRI~
Corporate Office : Plot No. 1-4 , Near IFFCO Chowk Metro Station,
Sec t or-29. Gurug r am - 122001 ( Ha ry a n a )
Endless energy. I I possibiltles. Tel : +91 124 444 1 300 I We b site : www . re cindi a . nic . in +~
CI N : L40101DL1969GO I005095 I GST No.: 06AAACR4 512R3Z3 OlfR (1• • ' " ·0 "'. ' AMll T • CHI ,IIT\I••

Dated: May 19, 2023

Listing Department, Corporate Relationship Department

National Stock Exchange ofIndia Limited BSE Limited
Exchange Plaza, Bandra Kurla Complex, 1" Floor, Phiroze Jeejeebhoy Towers
Bandra East , Mumbai - 400 051. Dalal Street, Fort, Mumbai - 400001 .
Scri Code-RECLTD Scri Code-532955

Sub: General Updates

In reference to the intimation dated May 17, 2023 regarding outcome of Board Meeting and
Financial Results (Anne>.=e- I), it is informed that the Company has submitted the details of
commencement and conclusion of Board Meeting in XBRL filings and the same was inadvertently
missed in PDF intimation. It is informed that said Board Meeting commenced at 10.30 AM on
May 17, 2023 and concluded at 4.58 PM on same day.

All other contents / information mentioned in the intimation shall remain unchanged.

Jyoti Digitally signed

by Jyoti Shubhra
Shubhra Amitabh
Date: 2023.05.19
Amitabh 19:12:40 +05'30'

Regional Offices: Bengaluru, Bhopal, Bhubaneswar, Chennai , Dehradun, Guwahati , Hyderabad , Jaipur, Jammu , Kolkata ,
Lucknow, Mumbai, Panchkula , Patna , Raipur, Ranchi. Shimla, Thiruvananthapuram & Vijaywada
State Offices Vadodara, Varanasi
Training Centre REC Institute of Power Management & Training (RECIPMT). Hyderabad
 Annexure-1

- --~

REC Limited 1.3ll,W"flT f<'lfll~s'

(1lR<l' 'm<IiR <liT m:Pi) I (A Governmcnt C!.f India En~crprlse)
Reg<!: Office:CIlIlO'-4. SCOPE Comp"'''' 7. Lodl~ Road. NowOorhi -110003
G2~
COIpPldlo om~o: PloI No. 1-4. NMf IFFCO I;/IoI>k.Motro Sll1~on.
Sector.2S, GUlligfnm - 122001_ (floryllnn)
Tol: .. at 124 444 13nO I Websh~: WWw,(lIclndln.nlc.ln .+ ........
0" ...,.. .........,.. ' """""""
CIN ! L401C1DU9G9GOIO05095 I GSf No.; OOMACR45f.2R3Z3

SEC-1I187(2)!2023/1273 Dated: Mar 17, 2023

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~ RECLTD 532955
, Listing Department; . Corporate Rc!ationsbip Department
National Stock Rx~ange ofIndia Limited BSELimited
Exchange Plaza, Bandra Kurla Complex, I"' Floor, PhirOze Jeejeebhoy Towers
Bandta (East),
, .
Mllmbai .
-400.051. Dalal Stre~t, Fort, Mumbai -400'001".

Serio Code-RECLTD Serio Code-:532955

Sub: Outcome oK Board Meeting

In compliance with the provisions of Regulation 30 read with Schedule III of SEBI
, (LODR) Regulations, 2015, this is to ulrorm that the Board'ofDirecrors ofREC Limited
in. its Board Meeting'held on May 17, 2023, inteT-aiia considered and approved the
followings:',

1. Audited "Financial Results (Standalone arid Consolidated) of the Company for the
Quartet and Year ended March 31, 2023.

Further, pursuant [0 Reg.iI1ation 33(3)(d) of the SEB! (LODR) Regulations, 2015, i~ is

hereby declared that the Join! Statutory Auditors of the Company have furnished
Audit -Report on. the Standalone & Con~o1idated Financial Resu1~ With unmo~ified
opinion, Annual Audited Financial Results (Standalone & Consolidated) for the
qUarter and year ended March 31, 2023, Statement of Assets and Liabilities as on
March 31, 2023 and the Auditors' Report thereqn, are enclosed her,ewith,

.2. Incorporation of Project Specific Special Pwpose Vehicles'(SPVs), as Wholly Owned,

Subsidiary CO,mpaities of REC Power Development and Consultancy Limited for 04
(Four) Inter.,state Transmission Projects: 'to be implemented through t<lliff' based
compeqtive bidding mode. The proposed SPVs will ;iIso be subsidiary cOD1panies'of~
REC Limited, in I:erms of the provisions of Section 2(87) of~e Companies Act, 2013.

3,. Appointment of Shri Hemant Kumar, CGM (Finance) as Chief Compliance, Officer
ofREC Limited for a period of three years with effect from May 6, 2023, in: t~nns of
RBI's Guidelines/Circulars,

RegionalOffices: BengalLlru, Bhopal, Bhubaneswar, Chennal. Dohradun, Guwallati, Hydarabad, Jaipur, Jammu, Kolkata,
. - Luckncw, Mumbal, Panchkula, Palna, Raipur, Ranchl, Shlmla, Thlruvammthapuram -& Vljaywada
. state Offices : Vadodara, Varanasl -. -
Training Centre : REClnstituteofPowerManagamant& Training (RECIPMD, Hydarabad
 ,
The information as required under Regulation 52(4), Regulation.52(7)(7A) & Regulation
54 of the SEB~ (LODR) Regujanons,2015 and disclosures to be made by Large
C;orporate entItIes are· a~ched h~re:vlth. Further, the .dlSclo~ure o~ related party
transactions on a consohdated basIS III tems of Regulanon 23(9) of SEBI (LODR)
. Regulations, 2015 is also enclosed here\Vith.

The submitted infoqnation shall also be hosied on the REe's Website.

Encl.: as above~

•
 S.K. Mittal & Co. o P Bagla & Co. LLP
Chartered Accountants Chartered Accountants
E-29 South Extension Part-II B-225, 5th Floor,
New Delhi-110049. Okhla Industrial Area Phase-I
New Delhi- 110020.

Independent Auditor's Report on Quarterly and Year to date Audited Standalone

Financial Results of REC Limited Pursuant to the Regulation 33 and Regulation 52 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended

The Board of Directors,

REC Limited
Core-IV, SCOPE Complex,
7, Lodi Road,
New Delhi -110003

Report on the audit of the Standalone Financial Results

Opinion
We have audited the accompanying standalone quarterly and year to date financial
results of REC Limited (the company) for the quarter and year to date ended 31 st March
2023 attached herewith, being submitted by the company pursuant to the requirement
of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended CListing Regulations").
In our opinion and to the best of our information and according to the explanations
given to us these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 and
Regulation 52 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and
measurement principles laid down in the applicable accounting standards,
and other accounting principles generally accepted in India of the net profit
and other comprehensive income and other financial information for the
quarter and year to date ended 31 st March 2023.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under
those Standards are further described in the Auditor's Responsibilities for the Audit of the
Standalone Financial Results section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the financial
results under the provisions of the Companies Act, 2013 and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to Note No.4 to the financial results regarding the provision of
impairment allowance in respect of its loan assets and Letters of Comfort. In this regard,
we have relied upon the basis of determination of impairment allowance in so far as it
relates to technical aspects/parameters considered by independent agency and
management judgement for ascertaining impairment allowance as management overlay.

Our opinion is not modified in respect of above matter.

Management's Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year-to-date standalone financial results
have been prepared on the basis of the interim financial statements. The Company's
management and Board of Directors are responsible for the preparation of these financial
results that give a true and fair view of the net profit and other comprehensive income
and other financial information in accordance with the applicable accounting standards
prescribed under Section 133 of the Act read with relevant rules issued thereunder and
other accounting principles generally accepted in India and in compliance with
Regulation 33 and 52 of the Listing Regulations. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and deSign,
implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial results
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the standalone financial results, the Board of Directors are responsible for
assessing the Company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial
reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone
financial results as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone financial results. As part of an
audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial
results, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the financial results or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up
 to the date of our Auditor's Report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial
results, including the disclosures, and whether the financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

Other Matter
The financial results include the results for the quarter ended 31 st March 2023 being the
balancing figure between the audited figures in respect of the full financial year ended
31 st March 2023 and the published unaudited year to date figures up to the third
quarter of the current financial year which were subject to limited review by us, as
required under the listing regulations.

Mis S.K. Mittal & Co. Mis o.P. Bagla & Co. LLP.
Chartered Accountants, Chartered Accountants,
ICAIFirm ICAI Firm R gistration: 00001.BN
. . ": ;: : :/=:::::::,....

Name:S.
Designation: Partner Designation: Partner
Membership Number: 072290 Membership Number: 092656
UDIN : 2.$07 ~,l..1 0 &~ '/\1 D 1 '2.7 b 'l- UDIN: 2.~'O'1~~, ~1J~~'34o~

Place : Mumbai
Date : 17th May 2023
 S.K. Mittal & Co. o P Bagla & Co. LLP
Chartered Accountants Chartered Accountants
E-29 South Extension Part-II B-225, 5th Floor,
New Delhi-110049. Okhla Industrial Area Phase-I
New Delhi- 110020.

Independent Auditors' Report on Quarterly and Year-to-Date Consolidated

Results of REC Limited Pursuant to the Regulation 33 and Regulation 52 of the
SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as
amended

The Board of Directors,

REC Limited
Core-IV, SCOPE Complex,
7, Lodi Road,
New Delhi - 110003
Report on the Audit of the Consolidated Financial Results
Opinion
We have audited the accompanying consolidated quarterly and year to date
financial results of REC Limited (hereinafter referred to as the 'Holding Company")
and its subsidiary (Holding Company and its subsidiary together referred to as "the
Group) for the quarter and year to date ended 31 st March 2023 attached herewith,
being submitted by the Holding Company pursuant to the requirement of
Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of reports of other auditors on separate
audited financial statements /financial results/ financial information of the
subsidiary, the aforesaid consolidated financial results:
a. include the annual financial results of the REC Power Development and
Consultancy Limited, the Subsidiary.
b. are presented in accordance with the requirements of Regulation 33 and
Regulation 52 of the Listing Regulations in this regard; and
c. give a true and fair view in conformity with the applicable accounting
standards, and other accounting principles generally accepted in India, of
consolidated net profit and other comprehensive income and other financial
 information of the Group for the quarter and year to date ended 31 st March
2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013 ("Act"). Our responsibilities under
those Standards are further described in the Auditor's Responsibilities for the Audit of the
Consolidated Financial Results section of our report. We are independent of the Group,
its jointly controlled entities in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the
Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us and other auditor in terms of his report
referred to in "Other Matter" paragraph below, is sufficient and appropriate to
provide a basis for our opinion.

Emphasis of matter

We draw attention to Note No.4 to the financial results regarding the provision of
impairment allowance in respect of its loan assets and Letters of Comfort. In this
regard, we have relied upon the basis of determination of impairment allowance in
so far as it relates to technical aspects/parameters considered by independent agency
and management judgement for ascertaining impairment allowance as management
overlay.

Our opinion is not modified in respect of above matter.

Board of Directors' Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the
consolidated annual financial statements.

The Holding Company's Board of Directors are responsible for the preparation and
..
the net profit and other comprehensive income and other financial information of
the Group in accordance with the Indian Accounting Standards prescribed under
Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation
33 and Regulation 52 of the Listing Regulations. The respective Board of Directors of
the companies included in the Group are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of
the assets of the Group for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the consolidated financial results that give a true
and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated
financial results by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective company's

management and Board of Directors of the companies included in the Group are
responsible for assessing the ability of the Group to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the respective Board of Directors either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are
responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated
financial results as a whole are free from material misstatement, whether due to
fraud or error, and to issue an Auditor's Report that includes our opiirion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated
financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated

financial results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances. Under
Section 143(3) (i) of the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls
with reference to financial statements in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by the
Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going

concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the ability of the Group and its associates and jointly
controlled entities to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our Auditor's
Report to the related disclosures in the consolidated financial results or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our Auditor's Report.
However, future events or conditions may cause the Group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated
financial results, including the disclosures, and whether the consolidated
financial results represent the underlying transactions and events in a manner
.. • Obtain sufficient appropriate audit evidence regarding the financial
results/financial information of the entities within the Group to express an
opinion on the consolidated Financial Results. We are responsible for the
direction, supervision and performance of the audit of financial information
of such entities included in the consolidated financial results of which we are
the independent auditors. For the other entities included in the consolidated
Financial Results, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of
the audits carried out by them. We remain solely responsible for our audit
opinion.

We communicate with those charged with governance of the Holding Company and
such other entities included in the consolidated financial results of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI
under Regulation 33(8) of the Listing Regulations, as amended, to the extent
applicable.

Other Matters

(a) We did not audit the financial statements of the subsidiary included in the

consolidated financial results, whose financial statements reflect total assets of ~

680.50 crores as at 31 st March 2023, total revenue of ~ 145.72crores and ~ 307.27

crores, total net profit/(loss) after tax of ~ 77.14 crores and ~ 139.79 crores, total
comprehensive income/ (loss) of ~ 77.14 crores and ~ 139.79 crores for the quarter
ended 31 st March 2023 and for the period from 1st April 2022 to 31 st March 2023
respectively, and cash flows (net) of ~ (4.89) crores for the period from 1st April
to 31st March 2023 as considered in the respective audited financial
" statements of the entities included in the Group, which have been audited by
their respective independent auditors. The independent auditors' reports on
financial statements of these entities have been furnished to us and our opinion,
in so far as it relates to the amounts and disclosures included in respect of these
entities, is based solely on the report of such auditors and the procedures
performed by us are as stated in paragraph above.

Our opinion on the consolidated Financial Results is not modified in respect of the
above matters with respect to our reliance on the work done and the reports of the
other auditors and the Financial Results/financial infonnation certified by the Board
of Directors.

(b) The Financial Results include the results for the quarter ended 31 st March 2023

being the balancing figure between the audited figures in respect of the full
financial year ended 31"1 March 2023 and the published unaudited year to date
figures up to the third quarter of the current financial year which were subject to
limited review by us.

MIs S.K. Mittal & Co. MIs D.P. Bagla & Co. LLP.
Chartered Accountants, Chartered Accountants,
ICAI Firm e . tration: 001135N I Firm Registration: 0000 ~m!~

Name: S.
Designation: Partner
Membership Number: 087537
UDIN : 2.3.02>75:'1. 7B0 xE FPB77 \

Place : Mumbai
Date : 17th May 2023
 RECLimited
Registered Office - Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi -110003, CIN: 1A0101DL1969GOI005095

Statement of Audited Standalone Financial Results for the quarter and year ended 31-03-2023
(~ in CrOtes
S.No. P~rtlcuLrrs Quarter Ended Year Ended
31'{)3-2023 31-12-2022 31'{)3-2022 31'{)3-2023 31-03-2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1 Income
A Interest income
(i) Interest income on loan assets 9,903.61 9,660.06 9,235.26 38,359.91 37,810.84
(ii) Other interest income 90.94 11956 80.01 476.33 375.62
Sub-total (A) - Interest Income 9,994.55 9,779.62 9,315.27 38,836.24 38,186.46
B Other Operating Income
(i) Dividend income 15.00 14.44 10.02 39.34 26.64
(ii) Fees and commission income 134.49 62.61 198.82 287.17 572.82
(Iii! Net gain! (loss) on fair value changes (30.77) (161.78) 55.99 45.31 346.57
Sub-total (B) - Other Operating Income 118.72 (84.73) 264.83 371.82 946.03
C ToL'l1 Revenue from Operations (A+B) 10,113.27 9,694.89 9,580.10 39,208.06 39,132.49
D Other Income 10.69 16.82 21.47 44.67 97.96
Total income (C+D) 10,123.96 9,711.71 9,601.57 39,252.73 39,230.45
2 Ex·pen. "s
A Finance cosls 6,497.34 6,134.96 5,353.08 23,737.66 22,052.91
B Net translation} transaction exchange loss/ (gain) (30.21) 207.91 471.18 1,114.04 799.05
C Fees and commission expense 4.94 4.43 4.42 16.29 16.73
D Impainnent on financial instruments (319.65) (293.82) 754.34 114.91 3,473.31
E Employee benefits expenses 25.19 50.23 36.31 181.63 159.61
F Depreciation and amortization 6.25 6.10 5.43 24.09 17.96
G Corporate social responsibility expenses 87.76 20.44 110.07 202.65 170.67
H Other expenses 41.12 22.50 33.62 122.69 115.31
Total expenses (A to H) 6,312.74 6,152.75 6,768.45 25,513.96 26,805.55
Profit before tax (1-2) 3,811.22 3,558.96 2,833.12 13,738.77 12,424.90
3
4 Tax expense
A Current tax
. Current year 716.54 634.56 673.49 2,668.58 3,051.33
- Earlier years . (56.93) (3.96) (147.29) (3.96)
93.77 103.25 (124.29) 162.84 (668.39)
B Deferred tax
Tota1 tax expense (A+B) 810.31 680.88 545.24 2,684.13 2,378.98
Nel profit for the period (3-4) 3,000.91 2,878.08 2,287.88 11,054.64 10,045.92
5
6 Other comprehensive Income/(Loss)
(i) Items that will not be reclassified to profit or IOS8
(a) Re-measurement gains/(losses) on defined benefit plans (3.63) - (8.84) (5.99) (8.33)
- Tax impact on above 0.92 - 2.23 1.51 2.10
(b) Changes in Fair Value of Equity Instruments measured at Fair Value (17.80) (58.16) 22.19
(13.78) (7.67)
through Other Comprehensive Income (FVOCI)
• Tax impact on above . (0.21) 3.43 (0.32) 2.55
Sub-total (i) (16.49) (7.88) (20.98) (62.96) 18.51
(il) Items that will be reclassified to profit or loss
(a) Effective portion of gains and loss on hedging instruments in cash flow 480.84
62.97 (239.04) 332.90 542.33
hed ges
- Tax impact on above (15.85) 60.17 (83.79) (136.49) (121.02)
(b) Cost of hedging reserve 819.52 77.01 (657.10) (1,755.82) (584.51)
- Tax impact on above (206.26) (19.38) 165.38 441.90 147.11
Sub-total (ii) 660.38 (121.24) (242.61) (908.08) (7758)
Other comprehensive Income/(Loss) for the period (i+ii) 643.89 (129.12) (263.59) (971.04) (59.07)
7 Total comprehensive income for the period (5+6) 3,644.80 2,748.96 2,024.29 10,083.60 9,986.85
Paid up equity share capital (Face Value UO per share) 2,633.22 2,633.22 1,974.92 2,633.22 1,974.92
8
Other equity (as per audited balance sheet as at 31st March) 55,046.45 49,010.68
9
10 Basic & Diluted earnings per equity share of ~ 10 each (in f)
(not annualised)
11.27 10.93 8.56 41.86 38.02
A For continuing operations
B For discontinued operations - - - . .
C For continuing and discontinued operations 11.27 10.93 8.56 41.86 38.02
 Statement of Audited Consolidated Financial Results for the quarter and year ended 31-03-2023
(l in CrareS)
S.No. Particul.aB Quarter Ended Year Ended
31-03-2023 31-12-2022 31-03-2022 31-{)3-2023 31-03-2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1 (ncome.
A lnterest lncome
(i) Interest income on loan assets 9,903.61 9,660.06 9,235.26 38,359.91 37,810.84
(ii) Other interest income 94.84 121.65 81.72 486.43 383.65
Sub-total (A) - Intere.t Income 9,998.45 9,781.71 9,316.98 38,846.34 38,194.49
B Olber Operating Income
(i) Dividend income 2.32 858 2.49 11.89 4.21
(U)
(iii
Fees and commission income
Net gainl (loss) on fair value changes
. 134.49
(30.77)
62.61
(161.78)
198.82
55.99
287.17
45.31
572.82
346.57
(iv) Sale of services 138.57 90.64 59.08 28755 150.96
Sub·total (B) • Other Operating Income 244.61 0.05 31638 631.92 1,074.56
C Total Revenue from Operations (A+B) 10,243.06 9,781.76 9,633.36 39,478.26 39,269.05
D Other Income 11.57 13.71 22.63 41.90 70.15
Totallncome (C+D) 10,254.63 9,795.47 9,655.99 39,520.16 39,339.20
2 Expense.
A Finance costs 6,496.22 6,133.94 5,353.08 23,733.33 22,050.96
B Net translation} transaction exchange loss/ (gain) (30.21) 207.91 471.18 1,114.04 799.05
C Fees and commission expense 4.94 4.43 4.42 16.29 . 16.73
D Impairment on financial instruments (309.78) (275.18) 761.86 142.17 3,470.02
E Cost of services rendered 22.50 7.73 1757 54.06 65.11
F Employee benefits expenses 29.24 57.00 43.25 204.10 180.84
G Depredation and amortization 6.28 6.12 5.50 24.26 18.24
H Corporate social responsibility expenses 88.07 20.62 110.89 203.91 172.35
I Other expenses 46.14 22.66 30.93 130.33 123.56
Total Expenses (A to I) 6,353.40 6,185.24 6,798.68 25,622.49 26,896.86

3 Share of Profit! (loss) of Joint Venture accounted for using equity method · · . . (11.81)
Profit before Tax (1-2+3) 3,901.23 3,610.23 2,857.31 13,897.67 12,430.53
4
5 Tax Expense
A Current Tax
- Current Year 743.54 653.24 681.89 2,720.50 3,069.23
- Earlier Years (0.16) (56.93) (3.%) (147.45) (3.96)
92.48 98.59 (121.95) 157.64 (670.44)
B Deferred Tax
Tot." Tax Expense (A+B) 835.86 694.90 555.98 2,730.69 2,394.83
6 Net proBl for the period (4-5) 3,065.37 2,915.33 2,30133 11,166.98 10,035.70
7 Other comprehensive Income/(Loss)
(i) Items that will not be reclassified to profit or loss
(a) Re-measurement gains/(Iosses) on defined benefit plans (3.63) - (8.84) (5.99) (B .33)
- Tax impact on above 0.92 · 2.23 1.51 2.10
Changes in Fair Value of Equity Instruments measured at Fair Value (5B.16) 22.19
(b) (13.7B) (7.67) (17.BO)
through Other Comprehensive Income (FVOa)
- Tax impact on above · (0.21) 3.43 (0.32) 2.55
(c) Share of Profit of Joint Venture accounted for using equity method - - - - (0.02)
- Tax impact on above -
(16.49) (7.88)
·
(20.9B)
. -
(62.96) 18.49
.
Sub-total (i)
(ji) Items that will be reclassified to profit or los.
(a) Effective portion of gains and loss on hedging instruments in cash flow 332.90 542.33 480.84
62.97 (239.04)
hedges
- Tax impact on above (15.85) 60.17 (B3.79) (136.49) (121.02)
(b) Cost of hedging reserve 819.52 77.01 (657.10) (1,755.82) (584.51)
• Tax impact on above (206.26) (19.38) 165.38 441.90 147.11
(c) Share of other comprehensive income/ (loss) of joint venture accounted
for using equity method
· - - - 1.19

- Tax impact on above - · - - -

Sub-total (ii) 660.38 (121.24) (242.61) (908.08) (7639)
Other comprehensive income/(Ioss) for the period (i + ii) 643.89 (129.12) (263.59) (971.04) (57.90)

8 Total comprehensive Income for the period (6+71 3,709.26 2,786.21 2,037.74 10,195.94 9,977.80
9 Paid up Equity Share Capital (Face Value UO per share) 2,633.22 2,633.22 1,974.92 2,633.22 1,974.92
Other Equity <as per audited balance sheet as at 31st March) 55,487.29 49,339.18
10
11 Basic &. Diluted earnings per equity share of t 10 each (in t)
(not annualised)
A For continuing operations 11.51 11.07 8.74 42.28 37.98
B For discontinued operations · - - - -
C For continuing and discontinued oDerations 11.51 11.07 8.74 42.28 37.98
See "W'"P""Y'"g ""t,. to the fi7llMCUJI results.
 Statement of Assets and Li~bllltics
' Crores)
(l m
S.No. Partical... Standalone Consolidated
As at As at As at As at
31-03-2023 31-03-2022 31-03-2023 31-03-2022
(Audited) (Audited) (Audited) (Audited)
ASSETS
(1) Financial Ass.to
(a) Cash and cash equivalents 39.00 126.40 48.70 140.99
(b) Bank balances other than (a) above 1,948.34 2,295.30 2,346.91 2,518.96
(c) Trade receivables - - 113.00 94.55
(d) Derivative finandaI instruments 8,981.61 5,510.17 8,981.61 5,510.17
(e) Loans 4,22,083.91 3,71,930.54 4,22,083.91 3,71,930.54
(/) Invesbnenls 3,137.98 2,157.97 3,170.00 2,190.44
(g) Other financial assets 24,400.28 24,396.94 24,42254 24,415.31
TotRI- Firuuu;iQ1 A ...,. (1) 4,60,591.U 4,06,417.32 4,61,166.67 4,06,800.96

(2) Non-Fmancial Asseto

(0) Curralt tax ....to (net) 295.78 179.64 305.95 191.56
(b) Deferred tax assets (net) 3,276.99 3,134.74 3,307.56 3,160.12
(c) Property, Plant &t Equipment 638.91 623.67 639.17 624.04
(d) Capital Work-in-Progress 2.72 6.07 2.72 6.07
(e) Other Intangible Assets 1.62 4.25 1.63 4.28
(I) Other non-financial assets 69.65 46.06 74.40 68.68
(g) Invesbnents accounted for using equity method - -
Total - Non-Fi,,,,,,,:IRI Ass.t. (2) 4,285.67 3,994.43 4,331.43 4,054.75
(3) A..ets cl...lfled as held for sale 0.34 0.86 4.65 4.38
Total ASSETS (1+2+3) 4,64,877.13 4,10,4U.61 4,65,502.75 4,10,860.09
UABILlTIES AND EQUITY
UABILlTIES
(1) Finandalliabilities
(0) Derivative financial instruments 976.95 553.14 976.95 553.14
(b) Trade payables
(i) total outstanding dues of MSME.
(ii) total outstanding dues of creditors other than MSMEs
-
-
-- -
41.68
-
36.48
(c) Debt securities 2,36,948.99 2,19,633.57 2,36,902.33 2,19,574.61
(d) Borrowings (other than debt securities) 1,37,114.13 1,06,651.59 1,37,114.13 1,06,651.59
(e) Subordinated liabilities 6,773.30 6,816.47 6,773.30 6,816.47
(/) Other financial liabilities 25,174.58 25,575.84 25,345.11 25,708.73
TotRI- Fi,,,,,,dRI LiRlriliti.s (1) 4,06,987.95 3,59,230.61 4,07,153.50 3,59,341.02

(2) Non-Financial Uabilities

(a) Current tax liabilities (net) - 10.25 10.65 10.25
(b) Provisions 110.94 104.51 111.62 105.67
(c) Other non-financial liabilities 98.57 81.64 106.45 89.04
TotRI- Ntm-FinRncial LlRbllitl.. a) 209.51 196.40 228.72 204.96

(3) Uabilities di!eeUy .... ociated with ..seta cl....lfled as held for sale - - 0.02 0.01

(4) EQUIlY
(a) Equity Share Capital 2,633.22 1,974.92 2,63322 1,974.92
(b) Inslruments Entirely Equity In Nature 558.40 558.40 558.40 558.40
(e) Other equity 54,488.05 48,452.28 54,928.89 48,780.78
TotRI- E'I"ity (4) 57,679.67 50,985.60 58,UO.51 51,314.10
TotRI- UABILlTIES AND EQUITY (1+2+3+4) 4,64,877.13 4,10.412.61 4,65,502.75 4,10,860.09

,,
 Statement of Cash Flows for the period ended 31st March 2023
(f in Crores)
S.No. ParticuLuo Standalone Consolidated
Year ended Yeuended
31-03-2023 31-03-2022 31-03-2023 31-03-2022
(Audited) (Audited) (Audited) (Audited)
A. Cub Flow from Oper.tting ActiYiti.. :
Net Profit before tax 13,738.77 12,424.90 13,897.67 12,430.53
Adjustments for.
1. Lossl (Gain) on derecognition of Property, Plant and Equipment (net) 6.64 0.97 6.65 0.97
2. Lossl (Gain) on derecognition of Assets held for sale (net) (4.08) (30.19) (4.08) (30.19)
3. Lossl (Gain) on cessation of significant influence in Joint Venture (EESL) - (29.01) - -
4. Depredation &; Amortization 24.09 17.96 24.26 18.24
5. Impairment allowance on Assets Oassified as Held for Sale - 0.03 9.71
6. Impairment losses on Financiallnstruments 114.91 3,473.31 142.17 3,470.02
7. Effective Interest Rate in respect of Loan Assets and Borrowings (15.58) (88.22) (15.58) (88.22)
8. Lossl (Gain) on Fair Value Changes (net) (43.76) (338.58) (43.76) (338.58)
9.
10.
interest on Commerdal Paper
Unrealised Foreign Exchange Translation Loss! (Gain)
-
963.93
14.76
943.16
-
963.93
14.76
943.16
11 interest on Investments (39.53) (51.88) (39.53) (51.88)
12. Share of Profit/Loss of Joint Venture accounted for using equity method - - 11.81
Operating profit before Change. in Operating Assets &; Liabilities 14,745.39 16,337.18 14,931.76 16,390,33
Inflow 1 (Outflow) on account of :
1. Loan Assets (50,424.82) (9,877.12) (50,424.82) (9,877.12)
2. Derivatives 790.33 (2,510.91) 790.33 (2,510.91)
3. Other Financial and Non- Financial Assets 193.95 (580.37) 125.99 (382.28)
4. Other Financial and Non- Financial Liabilities &; Provisions (151.53) (1,186.90) [1 08.70) (1,360.42)
C.uh flow &om Operations (34,846.68) 2,181.88 (34,685.,4) 2,259.60
1. Income Tax Paid (including TDS) (2,734.77) (3,076.64) (2.714.13) (3,101.39)
2. Income Tax refund 99.79 23.26 99.79 23.26
Net Cuh Flow &om Operating Activities (37,481.66) (871.50) (37.359.77) (818.53)
B. C.uh Flow &om Investing Activities
1. Sale of Property, Plant &; Equipment 0.02 0.10 0.02 0.10
2. Sale of assets held for sale 4.60 31.24 4.60 31.24
3. Investment in Property, Plant &; Equipment (incl. CWIP &; Capital Advances) (17.62) (47.84) {I 7.67) (47.90)
4. Investment in Intangible Assets (including intangible assets under development &; Capital Advances) (0.01) (0.25) (0.01) (0.25)
5. Finance Costs Capitalised (0.03) (5.10) (0.03) (5.10)
6. Sale! (Investment) In Equity Shares 10.13 431.17 10.13 431.17
7. Sale!(Investment) oflin shares of associate companies (Net) - - (0,82) 0.82
8. Redemption! (Investment) in Debt Securities other than HQLAs (net) (343.14) 96.53 (343.44) 96.08
9. Redemption! (Investment) In High Quality Liquid Assets (HQLAs) (net) (457.82) (716.17) (457.82) (716.17)
10. Maturityl(lnvestment) of Corporate and Term deposits - . (137.91) (77.43)
Net C.uh Flow &om Inveating Activities (803.8'7) (210.32) 1942..95) (287.44)
C. Caah Flow &om Financing Activities
1 Issuel (Redemption) of Rupee Debt Securities (net) 14,823.67 (20,827.69) 14,835.97 (20,827.70)
2. Issue! (Redemption) of Commercial Paper (net) . (14.76) - (14.76)
3 Raising! (Repayments) of Rupee Term Loans! WCDL from Banks! FIs (net) 14,808.94 2,164.16. 14,808.94 2,164.16
4 Raising! (Repayments) of Foreign Currency Debt Securities and Borrowings (net) 11,643.52 21,203.01 11,643.52 21,203.01
5 Expenses on issue of Bonus Equity Shares (0.71) (0.71) .
6. Coupon payment on Perpetual Debt Instruments entirely equity in nature (44.50) (45.60) (44.50) (45.60)
7 Payment of Dividend on Equity Shares (3,120.37) (2,411.37) (3,120.37) (2,411.37)
8 Repayment towards Lease Liability (0.01) (0.02) (0.01) (0.02)
Net C.~b now &om Financing Activities 38,110.54 67.73 38,122.84 67.72
Netlncreaae!Decrease in Cash &; Caah Equivalenbi (174.99) (1,014.09) (179.88) (1,038.25)
C.. h '" Caah Equivalenbi u at the beginning of the year 126.40 1,140.49 140.99 1,179.24
Cash'" Caah Equivolents aa at the end of the year (48.59) 126.40 (38.89) 140.99
 Noles to the financial results:
1, The above finClnciClI results of the CompClny were reviewed by the Audit Committee and "pproved and taken on record by the Board of Directors at the meeting held on 17th May, 2023. These results have been
iludited by the Statutory Auditors of the CompClny.

2, The fimmcial,esuits ha ve been prepared in accordance with the recogniti on and meClSUl'e ment principles laid down in Indian Accounting Standard (Ind-AS) notified under Section 133 of the Companies Act.
201.3 lecrd with Companies (Indian Accounting StClndClrds) Rules. 2015, CIS amended from tilne to til1"1e, tmd other Clccounting principles generCllly accepted in IndiCl.

3. The consolidClted accollnts of the subsidi'lly compClny REC Power Development and Consultancy Limited (formerly REC Power Distribution Company Limited) has been consolidClted in accordance with the
Jndi.,n Accounting Standard 110 'C~nsolidated Financial Statements'.

4. Provisioning on loan assets is based on "ECL (Expected Credit Loss) methodology ' under Ind-AS norms, duly approved by the Board of Dilectors of the Company and upon the report provided by an
independent ilgency appointed by the Company, which also considers l'atil''Igs by the ivlinistry of Powel', as and when they are UpdClted, for Distribution Companies (DISCOMs). This is further reviewed by
manClgement overlays in certc1in Clccounts wherever necessary considering the factols involved and also on account of aligning the provisions with the lead lender. Details are as follows:

(~ in Croc?,I
S.No. Particulars As at 31.03.2023 As at 31.03.2022
Stage 1 & 2 Stage 3 Total Slag e1&2 Stage 3 TOlal
1. Loan assets +20,119.71 14,892.08 435,011.79 368,211.37 17,159.89 385,371.26
2. lmpilinnent loss allowClnce (net of movements) 3,744.24 10,519.51 14,263.75 3,138.93 11,565.73 14,704,66
Provisioning Coverage (\'/0) (211) 0.89% 7064% 328% 0.85% 67.40% 3.82%

S. Interest and othe l income on credit-impClired 10Cln Clssets is not being recognised as J mutte r of pi udence, pending the outcome of resolutions of such assets.

6. The Company's operation compl ise of only one business sesment - lending to power, logistic Jnd infras tructure sector. Hence, there is no other reportable segement in terms of Indian Accounting StClndard
(Ind-AS) lOS "Opera ling Segments".
1. The Company has not issued any redeemable preference shMes till date

8. The nddition,11 information as required under Regulation 52(4) of SEAl (Listing Obligations ilnd Disclosure Requirements) Regulations, 2015 is annexed as Annexure -A.

9. PurSll.lnt to Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the secured listed non-convertible debt securities issued by the Company and outstanding as at 31st
:vlcrrch. 2023 are fully secured (117 times). sufficient to discharge the principal amount and the intelest thereon at all times, by way of mortgage on certain immovable properties and!or charge on the Joan
ilssets of th~ Company, in terms of lespective offer document! infolmati on memorClndurn "nd! 01' Debenture Trust Deed. Furthel", security cover for secured non-convertible debt:~:~ecurities issued by the
Company is 1_18 times as ilt 31st MClICh, 2023 The Security Cover in the plescribed formilt has been Jnnexed as Annexure-B. ~,

10. The Company is a 'Llrge Corporate' in terms of the 'Framework for Fund l8ising by issuance of Debt Securities by Large Entities' laid under the SEBI Circular No SEBI/HO/DDHSm/CIR/2021/613 dated 10lh
August 2021. Necessary disclosure as required in the said framework legarding isslIJnce of debt securities is annexed as Annexure-Co

11. The Comp"n y r<lises funds in diffel'ent currencies through a mix of term 10C'lns fl-oln banks! financial institutions! Govt. agencies and issuance of non-convertible securities of differeryt tenors through privClte
plClcement. The issue proceeds hClve been fully utilized Clnd there are no material deviJtion(s) from the stC'lted objects in the offer document! information memorandum of such non-co,nvertible securities. The
C:~;J~pmpnt;JO:: rrec;crihed l100pr R~gtllC1ti(ln C:;2(7) & ,2(7 A) (If ~FRT (T io::ting ()"Ii~(lti(\n<; ~nrl nio::c!n<;llre Requirements) Regulations, 201::; hClS been Clnnexed tiS Annexure-D.

Furthel, thel e hilS been no detault as on 31st Mm'ch, 2023 in the lepJYllle nt of debl Sl.:'cwities, bOflowings and suboldinated liabilities Clnd the Compilny has met Jll its debt sel'vicing obligations, whether
principal or interest, during the period.

12. There are no reportable G1SeS of loans transferred! acquired dUling the qual-ter ended 31st March, 2023 (previous quarter Nil) under Master Direction - Reserve Bank of India (Transfer of Loan Exposures)
Directions, 2021 dated 24th September 2021 Further, there are no CClses during the qual'ter endec.:l 31 st March, 2023 (previous quarter Nil) where resolution plan implemented under the Resolution Framework
for Covid-19 I'elated stress ,"IS per RBI circular dated 6th August 2020.

13. The disclosure in respect of relC1ted pClfty tranS<lctions for the hcrlf yeClr ended 31st March 2023 has been annexed as Annexure-E ,

14. The figules ~or the quarter ended 31st March, 2023 and 31st March, 2022 hilve been derived by deducting the year to date unaudited figures for the period ended 31st December, 2022 and 31st December, 2021
flom the ilu,,1i ted figures for the period ended 31st March, 2023 Clnd 31st ivli1J'ch, 2022 resp~ctjvely .

15. Previous pel jod! yeClrs' figures hJve been regrouped! reclassified, wherever necessary. in order to Inuke them comparable.

Place: Mum bai

Date: 17th May 2023
 Annexure A

Disclosure in compliance with Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations; 2015 for the
quarter and year ended 31st March, 2023

Standalone Consolidated
S.No. Particulars Unit As at! For the quarter As at! For the year As at! For the quarter As at! For the year
ended 31.03.2023 ended 31.03.2023 ended 31.03.2023 ended 31.03.2023
1 Debt Equity Ratiol times 6.49 6.44
2 Outstanding Redeemable preference shares ~inCrores Nil Nil
3 Debenture Redemption Reserve ~inCrores Nil Nil
2
4 NetWorth ~inCrores 57,679.67 58,120.51
3
5 Total debts to total assets times 0.81 0.80
6 Operating Margin4 % 37.58 34.93 37.97 35.10
7 Net profit MarginS % 29.64 28.16 29.89 28.26
8 Sector specific equivalent ratios
(a) CRAR6 % 25.78
(b) Gross Credit Impaired Assets Ratio7 % 3.42
(c) Net Credit Impaired Assets RatioS % 1.01

Notes:
1 Debt/Equity Ratio = Net Debt / Net Worth (Net debt represents principal outstanding less cash and cash equivalents available.)
2 Net Worth is calculated as defined in section 2(57) of Companies Act, 2013.
3 Total debts to total assets = Total Debt / Total Assets.
4 Operating Margin = Net Operating Profit Before Tax / Total Revenue from Operation.
5 Net profit Margin = Net Profit after Tax /Total Income.
6 CRAR = Adjusted Net worth/ Risk weighted assets, calculated as per applicable RBI guidelines.
7 Gross Credit Impaired Asset Ratio = Gross Credit Impaired Assets / Gross Loan Assets.
8 Net Credit Impaired Asset Ratio = Net Credit Impaired Assets / Gross Loan Assets.
9 Debt Service Coverage Ratio, Interest Service Coverage Ratio, Current Ratio, Current Liability Ratio, Long Term Debt to Working Capital, Debtors Turnover,
Inventory Turnover and Bad Debts to Accounts Receivable Ratio is not applicable to the company.

-----....

A
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...... I
Property,PIant and
I~;E""" 11.-1 "'" B..","'" I IY~ ~~I .'UI 13,541 1354
.."
236
C.pif.t warkkl DftlII:nN 1
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~~. 1.&1 1 1.61
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...... ~dobl>l Boakd&lI y" 14,891.22 46,(m00 liI.1Jl6.&9 J. UUBUI 1.,897.21 I I-UI97.21
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l&nILhlLlnI!i!tcKhl!tlh:ln
ICaoh.",U:..b "";voloW 1.948.34 U4834
iOUwn 31.62-'-66 JT.1l2<.Ii>
l'0IaI 14.89958 46,000.00 4,03,977.55 4 ...,817.13 13.54 !·U97..ti1 J4.9Ia.,""6

1~.hbf:~I::I.e1

I
• .Debt &eeurities to which
Lhld~iIit"~~. . 1 ~e8 u.70088 1 l2.7OO.88
b. OlDer debt shanng pari-
J'U"
j_ -.;Ih obov. d"", No. """"'.1, 38.8'3.1'

UnaeCllftd debt .ecurltlel

A,OUxrDdlt 1.52,.113.83 1-':1.713.&1
b, Subordinaled debt 6.77330 ~

,0""'"0-_.
OthdIJOtfO'tII'lnp

TJOKft!Nflbfft
0<1,0'11.20
1.Q9.701".47
"",,7:>D
1.09.101.41

lRseUabilities
Pnm.imw 1l0.>4 11094
2U!O." 16.Do.llll
"""""
T"'
Cc\""lI!rmIJcO.: V.IUI!.
NoUobt-fU1ed.
"'......, 26.361.02 .,29.291.80 4J11.1V1M
1.17
C(I'oo'rr un M,;:u:lu:t. V;!,ba!: 1.11

IBxcluolveSocurily I Ipari.p.... Socurity

CDvcrRatio Covullatio L17

l~ W<lllluillrmtl\4lthrClXl'lP"U'Yba:tmmpJietJ · wkhthcrunn.,nUlmd. hDufifizltd'hI~ca1!teallrcmltb.We~lkbt~ l(JJ-

..-3-"""'-~~ luaoI Bs, ~ mIN cltbrimn'lO'tAhIe prv;lt'dy it on\hc~i$dczrtir,oo valwtiondDDc on1O Aprll..202l(¥.ad~)

~V\.. ~o
~Jp«ifinf,"o.dlJdcJI:tn~atll2 N~debt.~
-
« fa:~)*))

Guru9~;'~
~
 AnnexureC
Disclosures to be made by Large Coxporate entities as required by SEBI

The Company is a 'Large Corporate' in terms of the 'Framework for Fund raising by issuance of Debt Securities by Large Entities' laid under the SEBI
Circular No. SEBI/HOIDDHS/P/CIR/2021/613 dated 10th August 2021. Disclosures required under the said circular are given below:

(all figures in ~ Crores)

Particulars Details
(1) Name of the company RECLimited
(2) CIN UOlOlDL1969GOI005095
(3) Outstanding borrowing of company as on 31st March 2023 * 2,78,784.64
(4) Highest Credit Rating during the previous FY along with name of the Credit Rating Agency ICRA AAA, CRISIL AAA, CARE
AAA, IRRPL AAA
(5) Name of Stock Exchange in which the fine shall be paid, in case of shortfall in the required borrowing under the
framework Bombay Stock Exchange
Details of the borrowings
(i) 3-year block period FY 22-23, FY 23-24 & FY 24-25
(li) Incremental borrowing done in the FY 2022-23 (a) 60,644.91
(iii) Mandatory borrowing to be done through debt securities in FY 2022-23 (b) = (25% of a) 15,161.23
(iv) Actual borrowings done through debt securities in FY 2022-23 (c) 37,733.91
(v) Shortfall in the borrowing through debt securiti~.s, if any, for FY 2021-22 carried forward to FY 2022-23 (d) Nil
(vi) Quantum of (d), which has been met from (c) (e) Nil
(vii) Shortfall, if any, in the mandatory borrowing through debt securities for FY 2021-22 {after adjusting for any Nil
shortfall in borrowing for FY 2020-21 which was carried forward to FY 2021-22 (f)= (b)-[(c)-(e)]
* As per the SEBI circular, borrowings as mentioned in (3) above include all outstanding borrowings with original maturity of more than 1 year, but do not
include external commercial borrowings. I
 AnnexureD

Disclosure in compliance with Regulation 52(7) & 52(7A) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 for the quarter ended 31st March, 2023

A. Statement of utilization of issue proceeds:

tin Crores
If 8 is Yes,
Mode of Fund
then specify
Raising
Type of Date of Any the purpose of
(Public
Name of
instru Amount Funds deviation for which the Remarks,
the Issuer ISIN issues/ Private raising if any
placement) ment Raised utilized (Yes/No) funds were
funds
utilized
1 2 3 4 5 6 7 8 9 10
RECLimited INE020B08ED9 Private NCD NO NA
12-01-2023 3000.00 3000.00
Placement
RECLimited INE020B08EE7 Private NCD NO NA
12-01-2023 2004.40 2004.40
Placement
RECLimited INE020B08EF4 Private NCD NO NA
02-02-2023 3148.70 3148.70
Placement
RECLimited INE020B08EHO Private NCD NO NA
15-03-2023 2000.00 2000.00
Placement
RECLimited INE020B08EG2 Private NCD NO NA
15-03-2023 1600.10 1600.10
Placement
Total 11753.20 11753.20 -- -

B. Statement of deviation! variation in use of Issue proceeds:

Particulars Remarks
Name of listed entity RECLIMITED
Mode of fund raising PueHe iss1:1:el Private placement
Type of instrument Non-convertible Securities
Particulars Remarks
Date of raising funds Please refer Col. 5 above table
Amount raised ~ 11,753.20 crores
Report filed for quarter ended 31-03-2023
Is there a deviation! variation in use of funds raised? No
Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer
document?
If yes, details of the approval so required?
p
Date of approval
N.A
Explanation for the deviation! variation
Comments of the audit committee after review
Comments of the auditors, if any
Objects for which funds have been raised and where there has been a deviation! variation, in the following table:

Original Modified Original Modified Funds Amount of deviation! variation for the quarter Remarks/if
object object, if allocation allocation, if utilised according to applicable object any
any any (t in Crores and in %)

---- NA -----

Deviation could mean:

a. Deviation in the objects or purposes for which the funds have been raised.
b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
 Annexure-E

Dildoawe of related party hanaarnona for the half·year ended March 31, 2023
~ir1 Cton"J

Additional discloaure of A!lated party tranaamona - applicable only in cue the related party haDAImon relata to loana,
inter-corporate depolite, advanl!e8 or investments made or given by the lilted entity/lublidiary. TheA(! detaill need. to be
disclosed only ona, during the reporting period when aolth tl'imWmDn wu IUIdCl1illIcm.

S.No
In a N any financial indebtedneu i.
Detail. of the party (listed entity! In c:aae moniee are due to
incurrm to make or give loana, inter-
IUblllidiary) e:utering Detail. of the COlUlterparty either party aa a rHult of Detaill of the loana, inter-<orporate depotita, advancltll or iRVltlllme:nIB
corporate depoal .., adV&D&:!1M or
into the hanaamon the han.ladion
invlMtments
VaJueof the

Type of related
........
party tranNmOD
Value of
banNction
during the Na"""
party tranaamon Nature of
reporting (loan! Pwpoae for whic:h the
Relationahip of the approved by the indebtednen
period advanC!e/ I lnl:2reat '.untln.ilI \II" utin-d
counterparty with audit committee Opening ClOSingl (loan! Seaued/
N.... Name Coat Tenure Intercorpor Rate Tenure by the uIlimate recipient of
the lided entity or ba1an... balance iuwut&:!e of unaeaued
ate (%) fund.
its l!IubaidiaIy debt/any
depolit/ (end-UAage)
otherek.)
invellltmeni

Dividend is
wlIfonnly
paid to all the
RECLlmited Power Finance Corporation LimJted U1timate Holding Company Dividend Paid 1,143.44
shareholder
and amount is
unascertainable.

Recovery of Expenses incurred. in

RECLimited. Power Finance Corporation Limited U1timate Holding Company 3.54 1 . 1 3.54
Govt. Prog>"amrnes
REC Power Development and Consultancy Llmlted Apportionment of Employee BenefIt
RECLimited Subsidiary Company •.25
(formerly REC Power Distribution Company Limited) and Other Administrative Expenses
REC Power Development and Consultancy Limited
RECLimited Subsidiary Company Dividend Income 18.54
(fonnerly REC Power Distribution Companv LimJted)
REC Power Development and Consultancy Limited
REC Limited Sub5idiary Company Finance Costs - Interest Paid 223
(fonnerly REC Power Dist:ribul:ion Company Limited.)
REC Power Development and Consultancy Limited.
RECLimited Subsidiary Company Other Expenses 0.64
(formerly REC Power Distribution Company Limited)
REC Power Development and Consultancy Limited
RECLimited
(formerlv REC Power Distribution Company LimIted)
Subsidiary Company Govenunent Funds Disbursed 0 _18
.....h l A ,..
~
REC Power Development and Consultancy Limited
RECLimlted Subsidiary Company RentaV Other Income 5.08
IlotmerlyJ!ECJ'ower D~tribu_ Comp""y_Umited)
REC Power Development and Consultancy Umlted
REC Limited Subsidiary Company Redemption of the bonds of Company 10.00 55.44 45.44
(formerly REC Power Distribution Company Umlted) ~

~~~
REC Power Development and Consultancy Limited
10 REC Limited Subsidiary Company Other Finandal ASJets of the Company 5.89 • .70
(formerly REC Power Distribution Company Limited.)

11 RECLimited
REC Power Development and ConsuJtancy Limited
(f<lDIl<!<lyJ!ECJ'ower Distribution Cmnl'JlDY UmIledJ
Subsidiary Company
Other FlnandaI Liabilities of the
Comp"'y
230 1.43
WYI 1,\°1'
12 RECLimlted REC Limited Contributory Provident Fund Trust
Employment Benefit Trust/ Fund of the
Contributions made by the Company 2339
n
.( ~J;~bir~ation ) 1
~ .\~tation l imitedI
Compmv
Employment Benefit Trust/ Fund of the
13 REC Limited REC Gratuity Fund Contributions made by the Company 039
ComP'""

'\. ~~hYl
Employment Benefit Trust/ Fund of the
14 RECLimited REC Employees' Benevolent Fund Contributions made by the Company 0,06
Company

15 REC Lbnited REC Retired Employees' Medical Trust

Employment BenefIt Trust/ Fund of the
Contributions made by the Company 0.69 ~~ug~e;?"

I. REC Limited REC Limited Contributory Provident Fund Trust

Company
Employment Benefit Trust! Fund of the
Comp'"'y
Finance Costs - Interest Paid 02. -

or.~'-lI
-
\>-:I.:) ...
__ ~
C
/,~I~
Employment Benefit Trust! Fund of the n Q: ~
#JO~O '\\
17 REC Limited REC Retired Employees' MedkaJ Trust Finance Costs· Interest Paid 2.11
Company

18 RECLimited. REC Umited Contributory Provident Fund Trust

Employment Benefit Trust! Fund of the
Debt Securities of the Company 2_00 2_00
//o,¥1\
~~ ~ ro}s;.~~~"\~~
I. RECLimited REC Retired Employees' Medkal Trust
Comp,""
Employment Benefit Trust! Fund of the
Company
Debt Securities of the Company 31.00 31 .00
LQ (~i j cn :J[ l~l*
20 RECLimited REC Gratuity Fund
Employment Benefit Trust/ Fund of the
Comp,""
Provisions 1.30 2.68
\\~\ I V V ,$. I~{L\. Nt ~I /,FA
\\"" ~ .1--.. _--A ~~'II
"'~'l'"0cJ
~w
Employment BenefIt Trust/ Fund of the
21 RECLimlted REC Retired Employees' Medical Trust
ComO,",Y
Other Financial Assets of the Company 7.2 15,11
~~,q.,... --:-:::-~ d\) /7 A cr9~
~~~d~
Employment Benefit Trust/ Fund of the
22 REC Limited PFC Employees Provident Fund Trust
U1timate Holding Company
Finance Costs - Interest Paid 005 -=-
 Additional di,dolun: of n.Lated party tnRNctiOIUl- applicable only in caw; the related party tranaacrion mates to loaN,
inter-uJrponte depa.it• • adYallca or invahnenbl aUld« ot siv~ by tM Ji.ted attity/81.lb.ldl.ary. Thee deta1h need to h.
dildMed only GOCe., dwtng the reporting pailHi wh~ .Udl ta.naad.loft Wid Allidert'.aJun.

. . . .
S.No

Dmil. of Ih~ party(li.~ entityl I; UN maRie. are due to ~c~~ :a~:~ ~::~::~;::
... b,ldlaJ)') mtenng Dda.ll. of the counterparty either party U;I fault of d • gt d Debul. of Ihe loaJUl, Inter~orporate dqJoIlll,advanC8 or Inv8tU1mbl
into the tn.naadion the traruadion corporate. epaAIIII,. v.mca or
Investment.
V.::'~the Value of
• tnmNctlon
Type of rdated party tranN.mon durin the Nature
party tranaadion .. g Natuft of
• • roved. &'-'Ihe reporting (JoanJ PwpoN for which the
R.elatiolUhlp of the PP....~ period lnd.bud:AtH advance! Intaelt fund, will be utiliMd
Name Name co~taparty.with a.uhtulilUruttM °bP....
enlng. Clb_~~~nl . (loan! f CoR" Tatue intercorpor Rate Tenu.re _~~.. by the ultill14te recipient of
the hete4 entity Or CAl! &YRCA! INuance 0 .te (%) ~ fuad..
~ ib .. b.idiuy :~':~) depORt! (md.-uaap)
imratment

2J RECL1mlted. PFC Employees Provident Fund Trust EmpJ=t=::~::'::vofthe Redemptian of the bonds of Company 0.]0 1.90 1.80

24 RECUmited RECFoundalion. fIldti&ovwwhichrontrolisexe:rdsed pa~~=~~Z"=aJ ]06.95

25 RECUmited Dr. ManaJ Marv>harPande KeyM~!:~=:!~dE'l\r Sitting Fees 0.07

. . KeyMonagorlalP""""""I- lndcpcrulcn' As po< theUm;' 1----+---+---+---_
_---_
_---+_---+---1--_+---1---------1
26 REC LlIlUted Dr. Gambheet Singh Director of the Company Sitting Fees approved by the 0.06
~--~r_--~----+_--_1----~----r---~--~--~---+----------~
27 RECllmlted Dr. DurgeshNandInl KeyM~~~~!:~~dcnt SltHngFees ~~o:! 0.06
~--~~--~----+_--_1----~----r---~--~--~---+----------~
28 RECUmited Sh. Narayanan Thirupathy KeyM~::::=~::';dE'l\t Sitting Fees 0.01

=-
29 REC limited Sh. Vivek Kwnar ~gan Key Managm~=J- CMD of the Remuneration 0.]9
~--~--_4----~--4_--~--_4--_4--_+--+_--+_------~
30 REC Llmlted Sh. AJoy Oloudtwy Key Managerial ~=1- DLredor of the RemlU1eralion. 0.40
~--~~--~----+_--_1----~----r---~--~--~---+----------~
3] REC Umited Sh. V. l( Singh Key Managerial Director of the Remmeratlon 034
32 RECUmited Sh.JS Amltabh Key Managerta1Penonnel- Company . As per:;e tenns f--- -o,.--{- - ---{-----{----+----+--- + - - - I ---+---+----I------ - - --l
. ~riMymtheCom.~v ~~. 1nm.m,~I----_1_---_1_---_1_---_1_---+_---+_--_+--_+--_+--~~-------_1
33 REC Limited Sh J S. AmHabh Key Mana~~_ PeI'SOlU1C~-_~~pany Interest Incnm.e on Staff Loans P;:Ucy of the 0.02
~ct~ofllieComPMY Compmy f----4----4----4----+----+----+---+- ---{---+---f-- - -- -- ---l
34 REC llmlted Sh. Ajar Otoudhary Key Managerial ~::ns:::.~- Director of the Repayment of Staff Loans It Advances 0.n2 0-06 0.Q4
~--~---+----~--+---~---+---+--~--+---~------~
35 RECLimited Sh. V. l( Singh KeyManageriaJ~=- OirectorOfthe RepaymentofStaffLoans&:AdvMces 0.05 0.18 0.13
~--~----~----+_--_1----~----~--4_--~--~---+------------l
36 RECLimited Sh. JS. AmJtabh KeYM=alo~=!-p~pany RepaymentofStaffLoans&-AdvMccs 0.01 009 008

37 REClimited Sh.JS. Amltabh Key~~~·D~pany Repaymento~:~~tiesofthe 0.05 0.]0 005

38 REC Limited Sh. JS. Amifabh Key Managerial pcrsoMCl- Company Finance Costs -Interest PaJd on Debt ~:: te:b~ 1----O-06+---+---+----I----+----+----+---I---+---~--------l
, 5ecretaIy of the Company Secwi.ties of the Company to all ~~estoIS
39 RECUmlted Smt. Pmnlnder Chopra KeYMana~~~=~UlHmate Finance~ti:==~:p~":Oebt 0..01 0.17 0.17

40 REC Limited Energy EffidencySetviees Umlted (EfSL) comp~:=~ ~~rial Iri~= ~~::: £f.St. 16289 140 43

C1 RIClimiled NTPCUmlted compm;:=~=~ri.al RentaJ/OthnInoome 1488 ].31 5.24

42 REC limited S,vN Umlted ccmp~:=~ ~~oa;agerlal Other Inoome 0.30 0.36

RIC Power Development and

43 Consultancy limited (formerly REC Bidac Transmission limited As50Ciate of Sub5ldlary Company Other Income - Relmbursml!nt of 0.10
Power DistributionCompany LImited) Expenses

REC Power Development and lntl!rest Income 0.03

44 ConsultancyUmJled (formerly REC Sikar Khetri Transmiuion Limited Assoctate of Sub5JdJary Company :--=--,.--:-:--:-- - : - + - - - -+ -----{- - ---{----I----+----+---+ ---I---+---+-- - - I - - - - - - -----1
Power Distribution
Company Limited) other Income - Relmbursment of 068
Expenses

CLlM~ &

=
-

~
~\\TALcfC ~~C'\Y l~iG~~&
Co
Iii" N I<~I) (. .11 ' I ?g;.~dll 'lio£,~<"I)
~~. !:-<: ,' '\ Q ') ~~ Ihl 1?J.
~ c~: ~lJftJgra~
~~D ACG~ ~
 Additional discloeuft of mated party banMdiolUl - applicable only in cue the retated party tranaamon mal'et to loaN,
inter-corponlte depo.it., advances or inll'HhrMIit. mad. orslvan by the lilted entity!.ubtidlaJy. TheM' dmil. need to be

- diKf0ee4 only once, dwing the reporting period. w l1m , u,rh trJlRlildion-wu IWda't.ake..

S.No
In cue any financial indebte4neu i.
Detail. of the party (Ii.~ entity! InUHm "ftid .~du c lo
incurred. to make or pn loana, intft'-
.ub.ld.i8J)') entering Detail. of the counterparty either party u a rault of ONII. of the 10AJUl, inter-corporate depOlilibl, advances or invahnmbl
corporate depo.it., advances or
inta the traruamon the hanJaction
invellimenbl

.......
Value of the
Valueaf

&elldolUlhip of the
Type of related
party tranMdion ..
party tranNdion

approved. by the
transaction
dwingthe
reparting
period
Nature of
indebtednelllll
N ......
(I"'"
Inte"Mt
PurpOH forwhicb the
advancc/ fund. will be utilised
COlillterputy with audit committee Opming Clo.ing (loan! ........u
Name N ....
the Ii.ted mtity or
ibl.ub.idWy
b.w.", b.w.<c i ..uanceof
debtl any
ea.. Ten ...
...
intertorpor

depolltl
R.a ..
(0/. )
Tenure
0Ud<CUnd
by the ultimate recipimt of
fund.
(md-UNge)
otherek.)
inveatmmt

RIC Power Development and InterHt Income 002

.5 Consultancy LImJted (formerly REC U'S 1 Tnnwnl.uian Umitild Associate of Subsidiary Company
Power Distribution Company Limited) Other Income - RelmbuBment of
0.59
Expenses

REC Power Development and Interest Income 00.

46 Consultancy Umlted (formecly REC Ramgarh n Transmission Limited Associate of SubslciJary Company
Other Income - Relmbursment of
Power Distributlon Company Limited) 0.40
Expenses

REC Power Development and Interest Income 0.03

47 Consultancy Limited (formerly REC BeawarTransmisslon Limited Associ.te of Subsidiary Company
Other Income - Relmbursment of
Power Distribution Company Limited) 037
Expenses

Interest Income 0.01

REC Power Development and
otbtO:,.rft(omt-- fl:1I1~nt or
48 ConsuJtancy Umlted (formerly REC Luhri Power TransmissIon Limited Associate of Subslwary Company 0.49
Expenses
• Power Dlstrlbutlon Company Limited)
Investment Made 0.05 0.05

Interest Income 0.01

REC Power Development and

•• Consultancy Limited (formerly REC

Power DJstributlon Company Limited)
Meerut Shamli Po wer Transmission Ltmlted Associate of SubsldJary Ccmpany
other Income - Relmbursment of
Expenses
0.43

Investment Made OJlS 005

Interest Income 0.00

REC Power Development and
50 Consultancy UmJted (formerly REC NERES XVI Power Transm1sslon Limited Other Income - RelmbuBment of
Associate of Subsidiary Compmy 0.19
Expenses
Power Distribution Company Limited)
Investment Made 005 O.OS

REC Power Development and Interest Income 0.00

SI Consultancy LlmJted (formerly REC Rajgarh Transmlsslon Umlted Asaociate of Subsidiary Company
Power Distribution Company limited) other Income - Relmbursment of
0.00
Expense.

CortSlJltancyFees ' ,08

REC Power Development and
52 Consultan<y \.inU.", «("""",Iy R£C MP Power Transmlsston Pawge-l Umlted AHOdate of SublidJuy Company Interest Income 0.05
Power DIstribution Company Umited)
other Income - Relmbu~nt of
0.30
Expenses

REC 'P ower Development and Interest Income 0.03

53 Consultancy Limited. (formerly REC ER NER Transmission Limited As&ociate of Subsrdlary Company
Power Distribution Company Limited) Other Income - Relmbul"5ment of
0,00
Expenses

Consultancy Fees S.9O

REC Power Development and Interest Incoml!!! 0,0]

S,
.
..
Consultancy Llmlted (formerly REC GADAG U-A Transmlgloo Limlted As50ciate of Subsldhuy Company
Power Distribution Company Limited) Othl!!!r Income - Relmbursml!!!nt of
- Expenses
0.32

# ~iTA~ ~
~

~''''
0 .05
~ k;\.AJ C~

f~~~
~ N.~li ~ I)
~
~
' V
"t 'lY120 ACeO '8
(*
~
W RIB ~triTaIion * II
CoIpoIJ\iDn lm!ed
Ii
'~
( O~·
.. cr.
G
\J..

~~
.

N Del
7.Grad ACcOI:i
~
~
~
*1)
_CI)

~~ GlJrug(a~ ~~?
~
 Additiona.l di.do.une of related party tranNctiON - applicable only In caN the related party tranudlon "uta tD loaoJI,
i nter~rpon.te depctflib. advance8 or invatmmb mad. or giva!. by the Hated entity/.alNidiasy. TheM debi.. need to be
difKlo.ed only anu.. d..wlnS the ~pctf11ns pufa" whu .ufh tnruacdon WM undertaken.

S.No
In cue any finandaJ Indebtedne.. i.
Omil. of the party (listed. m.tityl In cue monie. are due to
Inaul'ed. to make or give 108JU, inter-
.ub.ldiary) entering Dltail. of the counterparty either pArty ... rault of Ddail. of thlloana, intft'~orporate depo.illl, advance. or inv8tutltQtI'
corporate depo.it., .dvanca or
in\o 'hit 1R.nf,lc1ion thl tn:naaction
inve.bnenbl
Vallie of the
Value of
.. laled

Rebtioftllhlp of the
Type of related
party banJ.action .
put)' tranNdion

approved. by the
tranaadion
during the
reporting
pmod
Nature of
indebtn:ln. .
N."""
(loan! Pwpote for which the

..........
advance! Inteftlt fund. will bl utlliMd
N..... NUl'
<o""'Party with
the lilted atity or
ibl.ub.idiuy
audit committH Opcai,,!
ba1an.. ........
Oo.lng (loan!
i"uance of
debt! any
Coo. T......
...
In .....'!"" Rat<
('Y.,
T......
Seaued/
by the ultimate recipient of
lund •
depo.itl (cnd-uaage)
other ete.)
invannenl

Consultancy Fus 11.10

Interest Income 002

REC Power Development and
other Income - Relmbursment of
55 Consultancy LimIted. (formerly REC WRSR Power Transmission Limited. Associate of Subsidiary Company 0.54
Expenses
Power Distribution Company Limited)
Investment Made 0.05

Investment ReaUsed OOS

Consultancy Fees 17;10

Interest Income 0.03

REC Power Development and
other Income - Relmbursment of
56 Consultancy Limited (formerly REC Khavda ll-A Transmission Limited Associate ofSubsldJuy Company 0.70
Expenses
Power Distribution Company Limited)
Investment Made O,OS

Investment Reallied OOS

;
Consultancy Fees 17.70
REC Power Developmm.t and
57 Consultancy Limited (formerly REC Khavda n~B TransmIs.lon Limited Associate of Subsidiary Company Interest Income 0.03
Power Distribution Company limited)
other Income - Relmbursment of
0.51
Expenses

Consultancy Fees 1770

NEC POWI!!' Development and
58 Consultancy Limited. (fonnerly REC Khavda n-C Transmission Limited Associate of SubsidJary Company Interest Income 0.03
Power Distribution Company Limited)
other Income - Relmbursment of
0.51
Expenses

Consultancy Fees 10.24

Interest Income 0.03

REC Power Development and
other Income ~ Relmbursment of
59 Consul'an<y LlmJ,ed (fonn.dy REC KPS2 Trarum1ssion Umlted Associate of Subsidiary Company 0.90
EJipenses
Power DistTI bution Company limited)
Investment Made 0.05

Investment Realised 0.05

Consultancy Fees 13.67

REC Power Development and Interest Income 0.01

60 Consultancy Umited (formerly REC Khavda RE Transmbslon LimIted Associate of Subsidiary Company
Other Income - Relmbursment of
J!t1W~'r Di$tribution Company Limited) 0.45
Expenses

- ~--~~'Hd lUI5 I-

A<v.V ~~"r~ V GlA&~

~~~
~:t.
.; t il
~l)..
'~~ACCO
'(
$:')
1* ___ ~~
Eleclrilcation )*11
RIR

G'urug(a~)
~~
R
o "
•

~Ql~
~
u.

I'l
N
o'l"edACCo
~i
Ib<'
<D
-

~~
f)
'!o..'1i
• II

~ ~~
 Additional di.clollUe of rdated party tmnaamoN - applicable only In caM the rdated party tn..tu.adion relate. to 10&nl,
inter-corponle deposit., adV.aCD or invetlmmt. made or givm by the li.ted. mtityf.ub.idiary. Thae detail. need to be
dllN!loHd only once, during the reportiog period whlHl 'lIch tranNmoo wu undrrlaken.

S.No
In cue ~ny financial indebted.n... i..
Detail. of the party (lI.ted. entityJ I" C4H ",oni" an dlltLto
Incwred to make: or give lOaM, inter-
.ubtlidiary) ntmng Detail. of the counteqtarty eithu party u a result of Detail. of the loana, inter-corporate depo.ltI, advance. or inv8hnenb
corpoat:e depo.itl, adwnca or
into the tranaamon tilelRnA.ction
iRvelitmentB
Value of the
Value of
.. Iated
I:r.Lnaction
Type: of rdated party banudion
during the N......
party hanNmon Naturtof
Eq'orting (loan! Purpoae for which the
hbtioMhip of the approved by the ("dc.bled,ftnl
porlod advancel Interelt fund. will be utilieed.
mlU1terparty with audit committee Openlns ClOlli08 1 (loan! Seauedl
Name Name Co .. Tmult illten:ocpGr Rate T....... by the ultimate recipient of
the: li.ted entity or balance balance i ..uanu of unoecuml
.te (%) fund.
illl .ub.ldiary debt! any (end. _ _)
depo.itl
othuek.)
inveatment

Consultancy Fees 5_90

Interest Income 0,01

REC Power Development and
Otln!rlnC:DrM.:- Relmbtll'lmml of
61 CansuJtancy Umited (formerly REC ERWR Power Transmission Umited Associate of Subsidiary Company 057
Expen,.,
Power DistrfbuHon Company Limited)
Investment M~de o_os

In~ntRe.llsed o.os

REC Power Development and ~lPav.lble ) rroma$lIoodatn 254 2.54

62 CansuJtancy Llmlted (foIJru!rly REC Clllndil TrrmsmiuiOD Umild Associate of Subf;ldiary Company
Power Distribution Company Limited) Investment Outstandlna: 0_05 0,05

REC Power Development and ReceIYoible/IP~bleJ from ~ssocl3tes 2.48 2."

63 I Consultancy UmIt«! (/onnedy REC I Dumb Tnmmiuion Umitcd Associate of Subsidiary Company
P~ DistribuHon Company Umlted) InvestmentOutstandlnl OOS O.os

REC Power Development and Aecdv.ble'/( P ltVabSellrom~if" 222 223

64 I ConsuitancyLlmited(fonnerJyREC I MmdarTnDsmiNion LUnitt<! Auocl.ate of Subsidiary Company
Power Distribution Company Limited) Investment Outstandlnl 0_05 0_05

REC Power Development and ,..rVilbl../ (PMVabitl from umd~ 2_28 2_28
65 I Consultancy Limit«! (/onnedy REC I KOOCtm2 Transmi.,ioa, Limited Assodate of Subsidiary Company
Power Distribution Company 1Jml.tN) Investment outstandlnl o_os o_os

REC Power Development and. Receivable/ (Payable) from aSJOCiates -0.01 0.10
66 I Consultancy Limited (formerly REC I BiduTtllQlmWioo UaUltd Associate of Subsidiary Company
'Power Distribution Company Linrlted) Investment OUl$tlndlnl 0_05 005

REC Power Development and

67 I CansuJtancy Limited. (fonnerly REC I Khavda lI-D TraosoWlion Limited AssocIate of Subsidiary Company Investment Out:sbndlnl 0.051
Power Distribution Company Limited)

.. REC Power Development and

I Consultancy LImited (/onnedy REC
Power Distribution Company Umlted)
I 1Wnguh II Tn.o.~Moo Limited Associate of Subsidiary Company Receivable! (P~b1.' from associates 0111

REC Power Development and

69 I Consultancy Limited (/onnedy REC I Sibr Khetri Tran,mi.,ioo Li.m.iltd Associate of SubsidIary Company ReceiYolble/ (P~blel from associates 0.11 1
POWl!I" Distribution Company Umlted)
REC Power Development and
70 I COIl5uItancy LImit«! (/onnerly REC I Beawu Trarumiuioo Umited Associate of Subsidiary Company Receivable! (Payable, fram ilssodiltes 0.11 I
Power Distribution Company Limited)
REC Power Dew!lopment and
71 I Coruultancy UmIted (/onnedy REC I ""5"""""""",, UmhaI Af5OC1ate of Subsidiary Company R~! (P~abJe) from aaodates 0,58
Pcnver D1strtbution Company Limited)
REC POWCT Development and
72 I Consultancy LImit«! (/onnedy REC I Khavda II-D TrllJlllni..ioo Limited Asaodate of Subsidiary Company b~I"'.I bleJ (P~) trom ~l2l1 -0,02

Power Distribution Company limited)

REC Power Development and
73 I Consultancy UmIt«! (fonnedy REC I Luhri 5,,&<-1 HEP A.uociate of Subsidiary Company Receivable/ (P.yabl.., from associates 048 1
.Power Ifutrtbution Company Um.ited)
REC Power Development and
7< I ConsuJt.>cy UmIt«! (/onnedy REC I McC'rutSbamliP~rTrmmu..ioD.Lld.. Associate of Subsidiary Company R~/ I P"YJ bh.1 frorn ;1ln oclwtn 0.43 1
Power Distribution Company Umited)
REC Power Development and
75 I C"",u1tmcy Limited (/onnerly REC I NERES XVI Power Trm,m.U..ion Ltd.. AJSooate of Subsidiary Company Receivable/ (Payable) from associates 0_19 1
Power Distribution Company Limited)

Note: t 0.00 crorn denota amount leN than t fifty thOUNnd

'-